𝗜𝗻 𝘁𝗵𝗲 𝗡𝗲𝘄𝘀
🏠 BC’s latest budget is shaking things up in the housing market. 📈 We’re seeing some major changes like the BC Home Flipping Tax and expanded Property Transfer Tax (PTT) exemptions. 🤯 Greater Vancouver REALTORS® (GVR) are diving deep into the details to keep you informed. 💼 Here’s a quick breakdown:
𝗕𝗖 𝗛𝗼𝗺𝗲 𝗙𝗹𝗶𝗽𝗽𝗶𝗻𝗴 𝗧𝗮𝘅:
Coming January 1, 2025, any residential property sold within 2 years of purchase will face this tax.
Tax rate varies based on 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 duration, starting at 20% within the first year and tapering to 0% by day 730.
For those selling their primary residence within two years of purchase, a maximum of $20,000 can be excluded when calculating taxable income.
Exemptions are in place for situations like divorce, illness, job loss, and more. More exemptions could be on the way.
𝗣𝗧𝗧 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻𝘀:
First-time homebuyers, this one’s for you! 🎉
Effective April 1, 2024, First-time buyers will be exempt from the PTT up to $500,000 on the purchase of a home worth up to $835,000.
Purpose-built rental properties with 4 or more units get a PTT exemption until 2030!
These changes are huge steps towards making housing more accessible and stable in BC. 🌟
Sources:
https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax